Oil price edges lower on anticipated USA production rise

It is certainly true in the passenger auto segment and in power generation, but it is not true in the other two elements of oil demand: "transportation and petrochemicals".

This sentiment comes in part on the back of rising USA oil output, which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd).

The IEA also today released its latest World Energy Outlook, in which it said global oil demand will fall modestly due to the rise in electric cars. "This is a continuation of the strong demand growth we are seeing in our short term oil market analysis", the report said.

Brent crude oil prices recently climbed to two-year highs of more than $60 a barrel due to supply disruptions, geopolitical concerns and a growing expectation that an Opec-led agreement to reduce production will be extended through 2018.

"With the United States accounting for 80% of the increase in global oil supply to 2025 and maintaining near-term downward pressure on prices, the world's consumers are not yet ready to say goodbye to the era of oil", the IEA report stated.

The largest disruptive force to supply will be shale production in the U.S. - the IEA estimates USA crude oil will reach peak output in the 2020s of around 17m bpd. This latest move comes as investors expect figures to show USA oil production has risen. The IEA estimates that there will be 50 million electric vehicles on the road by 2025 and 300 million by 2040, from closer to 2 million now.

The Paris-based group said it cut its demand outlook for next year by 190,000 barrels a day, and global production could vault above demand by 600,000 barrels a day in the first quarter of 2018, and by 200,000 barrels a day in the second quarter. Scientists just this week said that emissions of the heat-trapping gas rose this year after three years of not growing.

"Many commentators say we are writing the obituary for oil demand".

Some analysts even predict that with oil demand declining as EVs set to replace conventional fuel vehicles, oil price could plunge to as low as $10 a barrel over the next six to eight years.

Also weighing on the oil price, is the increasing prospect of a slower pace of economic growth in China.

Between 2017 and 2040 the IEA estimates that more solar power capacity will be added globally each year than any other source of energy, with an annual average increase of almost 70 gigawatts.

Related news

Therefore, Nintendo wants to make sure that it has an appropriate amount of creative input if this Mario movie is to be made. With this being an animated feature though this Mario movie should have a much more recognisable look to it.

Last month, Gal also refused to attend a dinner honouring Brett Ratner , where she was due to present him with an award. The superhero film made over US$821 million (AU$1.07 billion), which means Ratner's company took a hefty share of it.

Bkav wrote in its blog that the efforts involved to fool the Face ID would make it incredibly hard to compromise casual users. Apple says the iPhone X uses infrared imaging and a depth map of a user's face with 30,000 invisible dots to ensure identity.

One source said Gülen would be seized and flown by private jet to the Turkish prison island of Imrali. Special prosecutor Robert Mueller is examining the meeting Flynn had with senior Turkish officials.

The crash happened within the shuttle's first hour of operation, according a report from local Las Vegas NBC affiliate KSNV . A driverless shuttle bus was in a auto accident the first day the electric vehicle was being tested in Las Vegas.

The president passed the matter to the US Congress, giving lawmakers 60 days to decide whether to re-impose sanctions. On Thursday, during a visit to Saudi Arabia, Macron said there were " extremely strong concerns about Iran ".

They said that the passengers were stuck beneath the boat and despite having the life jackets they were struggling to come out. Thirty-eight people were on board when the ferry capsized while turning toward the river bank, officials said.

One of the most storied rivalries in college football history also renews when No. 3 Notre Dame heads south to face No. 7 Miami . Notre Dame is trying to hang on to its top-four CFP ranking, while Miami hopes to take yet another step in that direction.

In his post-match reaction, Rohr, however warned his warned not to think they have arrived to win the World Cup yet. Ndidi ( 6/10) - Added value to the middle very well and nearly got a goal from one of his stray up front.

The coalition imposed the restrictions following the attack, effectively closing air, sea and land access to the war-torn country. He stressed that the United Nations and its secretary general should adopt a clear stance against the Saudi siege on Yemen.

Top Stories

EgyptAir To Buy 12 Bombardier Aircraft For $1.1 Billion
At the Dubai Airshow on Tuesday, EgyptAir signed a letter of intent for 12 firm and 12 optional C Series CS300 aircraft. The Bombardier logo is seen at the Bombardier factory in Belfast, Northern Ireland September 26, 2017.

Russia Tried to Pass off a Video Game as Combat Footage
Hours later, the ministry published an updated statement with a different set of images, which it also said proved their claims. The evidence was "irrefutable", the Russian defense ministry claimed: The US is supporting ISIS.

Big boost for Manchester United ahead of Newcastle game
Paul Pogba is training with Manchester United's reserves as he edges closer to making his return, according to reports. Carrick has featured only once for United this term, in the Carabao Cup clash against Burton Albion in Septemnber.